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The '''Bank of Canada''', '''BoC''' () is Canada's central bank. The bank was chartered by and under the ''Bank of Canada Act'' on July 3, 1934, as a privately owned corporation. In 1938, the bank was legally designated a federal Crown corporations of Canada|Crown corporation. The Minister of Finance (Canada)|Minister of Finance holds the entire share capital issued by the bank. "The capital shall be divided into one hundred thousand shares of the par value of fifty dollars each, which shall be issued to the Minister to be held by the Minister on behalf of Her Majesty in right of Canada." The essential role of the bank, as Canada's central bank, is to "promote the economic and financial well-being of Canada." More specifically, the responsibilities of the bank are: * the formulation of monetary policy; * as the sole issuing authority of...
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